The Ren project would like to introduce itself to the Qian community! The Ren project is focused on solving interoperability between blockchains to help liquidity flow between these chains, making it easier for protocol developers to access the liquidity that is on every chain to increase the utility for their applications.
What can the Ren project do for Qian protocol?
The Ren project launched RenVM, a byzantine fault-tolerant network that is able to securely in a decentralized manner do ECDSA threshold key generation and signing via sMPC, which allows RenVM to manage (ECDSA) private keys of different assets like Bitcoin, Zcash, BNB, ETH, ERC-20 tokens and BEP-20 tokens, and mint representations of these assets on smart-contract chains like Binance Smart Chain and Ethereum.
This is very useful for the Qian protocol as RenVM can help bring liquid collateral like Bitcoin, that can be used as collateral for minting QUSD, QEUR, QKHD etc. Especially on the Binance Smart Chain side, since that ecosystem has just started growing, there isn't much liqudity yet. But Bitcoin has billions of USD in liquidity, and this can be accessed through renBTC because renBTC can be redeemed back to real BTC at any time, even directly depositing into a centralized exchange if you want, to trade directly there.
Next year you will also be able to move assets like renBTC, or other BEP-20 tokens from Binance Smart Chain to renBTC on Ethereum as well (and vice versa), so if you need to balance QUSD between the two chains you can do that very easily.
And since launch in May this year, RenVM has processed around $1.3B in total volume of Bitcoin, Zcash and Bitcoin cash going to and from Ethereum. Right now there is about 16,800 renBTC on Ethereum and we hope to grow to similar levels on Binance Smart Chain and more over time. And we are continuing to integrate new chains to access their liqudity as well.
Soon anyone will be able to mint cross-chain assets on Binance Smart Chain (still only available to developers at this moment), and when that happens in a few weeks I will post an update in this thread.
What is the RenVM network?
The RenVM network is a decentralized crypto asset custodian that:
enables universal interoperability between blockchains: anyone can use RenVM to send any supported asset to any application on any supported host chain in any quantity.
has robust security: large bonds, large shard sizes, and continuous shuffling make RenVM extremely difficult to attack, even for irrational adversaries. In the unlikely event of a successful attack, RenVM can restore lost funds through seizing bonds.
is scalable: as more assets are locked into the custody of RenVM, the algorithmic adjustment of fees allows RenVM to automatically scale its capacity to meet demand.
provides an optimal user experience: users can interact with multiple assets, applications, and chains with only one transaction.
Relevant Ren Project links
- Ren Project Wiki and Github
- RenVM Deep Dive with Coinmarketcap
- Official Ren Website
- Ren Twitter
- RenVM audits
If you have any questions feel free to ask and I will be happy to answer!